FINANCIAL MANAGEMENT POLICY
Accounts and Notes Receivable
Mid-Plains United Way will make reasonable efforts to collect on pledges made during the annual campaign but not paid by the individual or business entity making such pledge. Reasonable efforts shall consist of written reminders and/or telephone communications to such individual or business entity. Personal contact may also be utilized as a reasonable means to encourage prompt payment of the pledge made.
In the event of a bad debt due to a failure of collection on the pledge made by a party, the Executive Director shall:
a. Promptly bring to the attention of the CFO the receivables which are slow in
being paid or have not been paid.
b. Review with the board not less than once each year all receivables over
twelve months which are recommended to be written off as uncollectible.
c. Annually review the collection loss rate and make report to the board.
No member of the staff or board of directors of the Mid-Plains United Way shall draw checks written on any United Way account or accounts made payable to “cash” or “bearer”.
No member of the staff or board of directors of the Mid-Plains United Way shall sign, or cause to be signed, any check drawn upon United Way accounts to be signed in advance.
No facsimile signatures, rubber stamp or electronic signature, may be used to sign checks drawn on Mid-Plains United Way. That all checks must bear original signatures
from two current officers.
It is the policy of the Mid-Plains United Way, Inc. to cancel outstanding checks that are not cashed within ninety (90) days of being written.
Capital Expenditures and Expenses
Capital Expenditures shall be those expenditures which are made on behalf of Mid-Plains United Way which may improve or enhance the operation of the organization and are necessary for the continued success of the organization. Expenses are those expenditures which arise due to the day to day operation of the organization in carrying on its mission to the community.
All capital expenditures or expenses in excess of $650 shall be approved by the board of directors. All such capital expenditures or expenses shall require the solicitations of competitive bidding to assure a fair pricing for the capital expenditures or expense. Any deviation from this policy shall require board approval.
Depreciation of Assets
The determination of computing lives of assets and the depreciation rate of such assets shall be made using recognized accounting methods and conform to all rules and regulations of the Internal Revenue Code.
Purchases and Accounts Payable
The person responsible for accounts payable is designated as the person responsible for verification of invoices for payment. Any over payments to vendors shall be brought to the attention of the CFO at least semi-annually.
Travel and Entertainment Reimbursement
All necessary and reasonable expenditures incurred by staff or members of the board of directors shall be reimbursed upon the presentment of any invoice, statement, receipt, registration verification, or other indicia of indebtedness for which reimbursement is sought. All reimbursements shall be submitted to the board within 90 days of the date of such expenditure and shall be subject to the approval of the board. Whenever possible, such necessary expenditures are to be paid in advance and approved by the board.
It is the policy of Mid-Plains United Way that the organization not apply for the issuance of nor use any credit card issued to the organization for the purpose of travel and entertainment expenses. Any change in this policy shall be made upon the passage of a resolution approved by the board to allow such action.
Procedure for Handling Pledges
All pledges received by the Mid-Plains United Way shall be handled and processed as follows:
Employee campaign envelops: Executive Director and Administrative Assistant with jointly open the envelopes daily. Administrative Assistant will count the cash and copy all checks and cash. Executive Director will count cash and record on bank deposit slip and record all checks under donor last name on the bank deposit slip and tally. Administrative assistant will enter all gifts under donor name into the Donation Tracker Program and run the daily deposit slip. Both the Executive Director and Administrative Assistant will check that the bank deposit slip, Donation Tracker Program daily deposit slip correspond and match the entry from the business.
Corporate gifts: Administrative Assistant will open the postal mail and copy check, if corporate gift is sent via e-mail; a hard copy of the e-mail will be made. Executive Director will record check on bank deposit, if sent via mail the Administrative Assistant will enter pledge or check received into the Donation Tracker Program under the Corporate business.
Cash pledges: Executive Director and Administrative Assistant will open mail jointly. Administrative Assistant will count and make a copy of the cash received. Executive Director will count the cash and record on the daily deposit slip. Administrative Assistant will enter cash into the Donation Tracker Program under the donor name.
Auditing Pledges: Pledges are randomly audited by the accounting firm during the annual audit.
Recipients of designations are promptly notified: All individuals and corporations will receive a personal thank you for their gifts generated by the Donation Tracker Program.
Prohibition of Personal Loans
Mid-Plains United Way shall not, under any circumstances, make any personal loan or cash advance to staff, including the Executive Director, as an advance on monthly salary or for any other purpose
Policy first approved on November 16, 2006
Policy revised on September 24, 2009
Policy revised on June 23, 2011
Policy revised on June 25th, 2015